Multifamily has held up very well in this environment which means prices have increased as cap rates have compressed.

I don't want to replace one tenant for another in that situation UNLESS a bonus could be if I land a national tenant for that space at same rent per ft then theoretically the tenant mix of the center could change in a positive way and now the cap rate resale for the center compresses and value increases.One word can mess up everything and corporate tenants tend to have their own attorney in house or full time retainer so you should have the commercial attorney handle lease termination for you.No legal advice given.  

But when you are getting a core asset, where there is little to no lift in the asset and you are simply buying to hold and harvest cashflow, a cap rate holds a lot of info.From an investor standpoint, the only reason I care about cap rates is to confirm a sponsor is not relying on cap rate compression to hit returns. 

@Matthew Tierney, Others will chime in with the nuances of the compressed time frames and specific processes of the 1031. 

Cap rates are compressing a bit in this market now for sure.

Due to extremely compressed cap rates & excess competition, we are shying away from Austin and looking for opportunities in other markets at the moment.

Cap rates compressed because of appreciation.

The instructions said "do not use plumber's putty or pipe tape on these faucets--they work by compression."

It will have 3-4 bolts that compress the gasket around the pipe as you torque them down.I'm willing to bet we're talking about a PVC flange.

The soil generally needs to be the same as the rest of the lot unless it is substandard for building, then you will need an engineer to approve the soil after new soil has been added and compressed suitable for the structure, that could be expensive. good luck!